In 2019, cyberattack damages for small to mid-sized businesses are expected to increase significantly. Verizon’s 2018 Data Breach Investigations Report found 58% of all cyberattacks target small businesses. Ransomware, fileless malware, and email phishing scams comprise a large portion of the attacks. Understanding the risks associated with various kind of malware can help set the foundation to create a cybersecurity strategy that mitigates potential damage.
A particular type of malware, ransomware, is designed to infect a machine and restrict access to data unless a ransom is paid. Resulting business damages not only include lost revenue but also missing information, such as customer financial information, sensitive employee data, corporate trade secrets, etc., which can negatively impact a company’s reputation. A study by Cybersecurity Ventures predicts that by the end of 2019 at least one business will be attacked by ransomware every 14 seconds.
Fileless malware, or memory-resident malware, infiltrates company computers by residing in RAM rather than being installed on the hard drive of an infected machine, often providing administrator access while still remaining hidden. Malicious code is injected into frequently used business applications like Microsoft Word, Adobe Flash and others. Verizon’s Data Breach report found 30% of all cyberattacks targeted at small to mid-sized businesses in 2018 included malware, and the number is projected to rise in 2019.
Phishing attacks on small- to mid-sized businesses are lucrative for fraudsters. According to a 2017 phishing report, the cost to mid-sized businesses that fell victim to phishing attacks averaged $1.6M, a number that continues to rise as hackers become more sophisticated. CEO email attacks are an increasingly popular form of malicious phishing in which hackers obtain sensitive information from unsuspecting employees by posing as a C-level company executive. Phishing emails can also include malicious links that, when clicked, inject malware onto a victim’s device.
Being victimized by cyberattack can cost a business ransom money and/or lead to digital security breaches, often resulting in destruction of vital data, lost productivity, and intellectual property theft, which not only harm a company’s reputation but also impact revenue generation. Ransomware, fileless malware, and phishing are just a few of the security threats facing small- to mid-sized businesses. The best defense is a proactive cybersecurity strategy, and the optimal time to act is before a breach occurs. Contact Roebuck Technologies to learn how our cybersecurity and managed services identify weaknesses in company networks, fortify defenses, and proactively monitor for breaches around the clock.